Congress Wealth Management LLC DE, an investment management firm, has recently increased its stake in The Allstate Co. (NYSE:ALL) by 5.4% during the 1st quarter of this year. According to the firm’s most recent 13F filing with the Securities and Exchange Commission (SEC), it acquired an additional 4,281 shares of the insurance provider’s stock, bringing its total holdings to 83,735 shares with a worth of $9,279,000 at the end of the reporting period.
The Allstate Corporation, which is listed on NYSE under ALL symbol, provides various property and casualty insurance products including private passenger auto and homeowners insurance to customers mainly in the United States. It operates through four segments – Allstate Protection, Protection Services, Allstate Health and Benefits and Run-off Property-Liability – to serve its millions of policyholders across North America.
Allstate released its latest earnings results on May 4th showing that it had a negative return on equity of 7.77% but a positive revenue growth rate of 11.8% YoY while holding up against aggressive estimates put forth by sell-side analysts who suggested that they’d post $2.2 EPS for the current year.
Despite these statistics which have been taken by many as somewhat perplexing data due to their busy nature regarding their unique ratios in comparison with similar companies currently present in competition within this particular market space; it is worth noting that patient investors seeking lucrative returns can confidently bank on long-term prosperity dished out by these blue-chip names as they maintain strong footing within traditionally safe sectors visited by enthusiasts of risk-averse financial instruments such as bonds, mutual funds et al.
We attribute this to their relevance particularly as regulatory norms require Americans purchase certain types of such products ranging from healthcare to motor vehicle related liability protection among others thereby having created steady demand cycles for fastidious players such as Allstate with an arsenal of products, a functional online presence as well as the backing of Congress Wealth Management LLC DE who have over time expressed their vote of confidence in this household brand.
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Allstate Sees Increase in Holdings from Large Investors, Maintains Attractive Stock Option
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”ALL” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]The Allstate Corporation, a leading provider of property and casualty, and other insurance products to customers in the United States and Canada, has recently seen an increase in holdings from several large investors. Sequoia Financial Advisors LLC raised their holdings in shares of Allstate by 38.6% during the fourth quarter, now owning 4,965 shares valued at $673,000. O Shaughnessy Asset Management LLC lifted their position in Allstate by 3.9%, possessing 53,481 shares valued at $7,252,000. Additionally, Handelsbanken Fonder AB boosted its stake in Allstate by 4.0% with ownership of 82,659 shares worth $11,209,000.
Moreover, Versor Investments LP purchased a new position in Allstate during the fourth quarter for about $481,000 and abrdn plc raised its stake by 7.2%, owning 70,780 shares worth $9,598,000 after acquiring an additional 4,727 shares.
Institutional investors and hedge funds have shown increasing interest towards the company’s stocks as they now own an impressive 75.44% of its stock.
The stock opened at $107.53 on Friday but has shown volatility over the year with a one-year low of $103.20 and a high of$142.15 The company maintains a market cap of $28.26 billion while holding a PE ratio of -12.12 and PEG ratio of 7.21 with beta value standing at .58 The current ratio stands currently at .41 along with quick ratio which is also .41 while debt-to-equity ratio is .55
Allstate operates through four segments- Allstate Protection; Protection Services; Allstate Health & Benefits; and Run-off Property-Liability segments- offering private passenger auto and homeowners insurance; personal lines products; commercial lines products under the Allstate and Encompass brand names.
A quarterly dividend was recently announced by Allstate, with a payment to be made on Monday, July 3rd to investors of record on June 2nd. Earnings from the dividend payout will be $0.89 per share, which totals an annualized dividend yield of 3.31%.
There have been several recent commentaries from a number of research firms regarding ALL shares. Citigroup reduced their price projection for shares of Allstate from $150 to $138 in mid-April while Piper Sandler increased their price target from $144.00 to $150 with an “overweight” rating for the company in early April. Out of Bloomberg.com’s review, one analyst has rated the stock as a sell rating, with five holding ratings and seven purchase recommendations, resulting in an average rating of ‘Hold’ and a consensus target value of $138.38.
Allstate’s stock remains an attractive option worth considering among retail investors and organizations alike due to its market position, product offerings and recent investment growth potential.
